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Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/1816

Title: Fiscal regime shifts in Portugal
Authors: Afonso, António
Claeys, Peter
Sousa, Ricardo M.
Keywords: Fiscal regimes
Markov switching
Issue Date: 2009
Publisher: ISEG - Departamento de Economia
Citation: Afonso, António, Peter Claeys, Ricardo M. Sousa. 2009. "Fiscal regime shifts in Portugal". Instituto Superior de Economia e Gestão – DE working papers nº 41-2009/DE/UECE.
Series/Report no.: Working papers; nº41/2009/DE/UECE
Abstract: We estimate changes in fiscal policy regimes in Portugal with a Markov Switching regression of fiscal policy rules for the period 1978-2007, using a new dataset of fiscal quarterly series. We find evidence of a deficit bias, while repeated reversals of taxes making the budget procyclical. Economic booms have typically been used to relax tax pressure, especially during elections. One-off measures have been preferred over structural ones to contain the deficit during economic crises. The EU fiscal rules prompted temporary consolidation, but did not permanently change the budgeting process.
URI: http://hdl.handle.net/10400.5/1816
ISSN: 0874-4548
Appears in Collections:UECE - Documentos de Trabalho / UECE - Working Papers
DE - Documentos de trabalho / Working Papers

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